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Nifty

Nifty commenced the week with a strong gap down opening below its 5 DEMA level of 18270 & continued towitnessprofitbooking throughout the session.Its trend strength indicators have started cooling off as well with RSI falling backtowardsits50 zone while ADX has slipped below its 30 level; this development in indicators is a sign of cool off in momentum. Theongoing price action could remain oscillating within the ongoing ‘Broadening Pattern’ formation with its lower boundplacedaround the 17900 zone; which could act as an ideal support during this week.While the supply zone remains constantaround the 18400-18460 zone which will continue to remain a headwind for this month.Since we are yet towitnessanymajor distortion or diverging signals within the ongoing trend its ideal to remain cautious while the index is expectedtocontinue its oscillation within the bounds of the ongoing ‘Broadening pattern’. Where booking profits couldbehealthyaround its upper bound around 18400-18460.Nifty PCR at 0.76 is placed close to its oversold zone hence a likelyreboundcannot be ruled out during the day from its 20 DEMA support zone near 18070. While 17880 could be consideredasayardstick level to gauge any sudden breakdowns or reversal trends if they unfold during this month.

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